Financial services leaders in South Africa are demanding the use of artificial intelligence (AI) for real-time insights.
This is according to new research from ActiveOps, a provider of AI-powered decision intelligence for service operations.
ActiveOps commissioned Censuswide to survey over 850 chief operating officers, chief financial officers and senior heads of operations within the financial services sector, to gather insights on their priorities for 2024, challenges they were experiencing with their operational data and adoption of AI.
The research was conducted in seven countries: South Africa, UK, Republic of Ireland, US, Canada, Australia and New Zealand.
The report, “Ready or not AI is here”, reveals that financial services leaders in SA believe that harnessing the power of AI will help them make better decisions (98%) and improve key areas, such as operational performance (97%) and cost control (95%).
According to the report, 67% of South African financial services organisations are starting out with AI, and almost half are currently unable to access data to make real-time decisions.
“AI is set to transform financial services organisations, but many are behind the curve. Operations leaders are now recognising the shortfalls of not having access to the data they need and see the significant benefits that AI can bring,” ActiveOps says.
The firm points out that it’s critical that challenges, such as the lack of data skills, inconsistent use of terms or metrics across a business and a lack of support from other departments are overcome, so that potential can be unlocked.
Kuljit Bawa, MD of EMEIA at ActiveOps, says: “It’s positive to see that despite the current challenges facing financial services organisations, there is a growing demand for AI that is bolstered by a great deal of optimism about the impact it will have on operations teams and businesses as a whole.
“The majority of leaders are aware of the advantages that AI can bring, especially when it comes to managing and overseeing large-scale operations, and that really is half the battle. Our research makes it crystal clear that belief in its potential aren’t the inhibitors to AI adoption. In fact, this is what will propel it into tech stacks across South Africa and unleash the power of real-time data.”
ActiveOps points out there are many reasons to feel optimistic about the direction financial services organisations are taking when it comes to AI adoption.
The study reveals that over half of operations leaders in South Africa believe AI will give them greater control over cyber security, while 37% believe it will automate more tasks to increase efficiency.
In a year’s time, half want AI to tell them what they should do based on predictive insights, suggesting a promising shift in the levels of trust in AI, it notes.
Kuljit adds: “There are high hopes for the value that AI can bring to businesses. Not only in the impact it will have, but what operations leaders want AI to give them, such as providing suggested actions, predictions that will offer direction for decision-making and insights into the current state of play within their department and beyond.
“This is an exciting development on the path towards fully trusting technology and letting it do what it does best, so that ultimately, the business can perform better.”
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